Crypto paymets firm Wyre to cease operations

The cryptocurrency payments service is in the process of liquidating assets for its investors

The digital assets payments firm Wyre has announced its decision to cease operations after nearly a decade in the industry.

The San Francisco-based organization will reportedly wind down its services “due to market conditions” and to “protect the best interested of key stakeholders and customers.”

“This decision is not due to any regulatory agency direction. Wyre continues to secure customer assets,” tweeted the firm. All withdrawals will be processed by Wyre as normal until July 14. Thereafter, any customers who have not withdrawn their assets will be required to enter a separate recovery process.

Customers can find details on how to adhere to the process from the company’s blog in the near future. The decision to close operations follows an incident last year when the company reprotedly began facing difficulties after a $1.5bn acquisition deal by US payment provider Bolt fell throguh.

Although Wyre has stated the move is not a result of regulatory pressure from government agencies, volatile market conditions and rival firms have contributed to the plan to forgoe its services in the crypto industry.

The company is now focussing on liquidating assets for investors, and any parties showing an interest in acquiring its assets have been told to contact the advisory firm, 88partners.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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